Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ok Tedi Mine Expects to Produce 160,000 Tons Copper This Year

Don't Miss Out —
Follow us on:

Dec. 7 (Bloomberg) -- Ok Tedi Mining Ltd. will produce 160,000 metric tons of copper and 500,000 ounces of gold from its namesake mine in Papua New Guinea this year, according to Ian Sheppard, general manager business development.

The forecast, given today at a presentation in Sydney, compares with output last year of 166,669 tons of copper and 515,685 ounces of gold.

Ok Tedi is seeking to extend the mine’s life to 2022 to produce copper and gold at 60 percent of current output levels. The mine is currently scheduled to close in 2013 and a study into the extension is due to finish at the end of this year, according to its website.

“Mine life extension is a genuine opportunity for our business,” Sheppard said, adding that he’s confident it will be possible to extend operations until 2022.

Copper futures on the London Metal Exchange rose 0.5 percent to $8,769.50 a ton yesterday, taking its gain since June 30 to 34 percent.

The Papua New Guinea government owns 30 percent of Ok Tedi, PNG Sustainable Development Program Ltd. controls 52 percent and Inmet Mining Corp. owns 18 percent. Ok Tedi’s customers include companies in Japan, Korea, the Philippines, India and Germany and the mine accounts for 32 percent of Papua New Guinea’s total export earnings, it said.

To contact the reporter on this story: Elisabeth Behrmann in Sydney at ebehrmann1@bloomberg.net

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.